She said the distribution company bills about 5,000 to 6,000 names per month for 70,000 dealers (its dealer network).

Pune-based tire maker Bridgestone India shifted the collection process to a digital platform in nine months for about 700 homes and € million in cash flow. Jyotsnana Sharma, CFO, Bridgestone India Since the launch of the digital payment platform last year, Bridgestone India has migrated around 7,000 More than 80% of its dealers have migrated to the platform, company executives said.

Bridgestone India is the domestic subsidiary of Bridgestone Corporation of Japan.

J.P. Freepay Morgan FinTech Globalobal app The PayEx Freepay solution’s electronic invoice rendering, processing and reconciliation solution allows Bridgestone dealers to pay directly from a self-service desktop using a smartphone or tablet.

In addition to providing features such as automated validation, we added cash discounts and credit note rewards for unpaid invoices.

Even before the outbreak, in January and February last year, the markets were in a panic due to the economic slowdown. In an interaction with Sharma, Sharma said that the collections process was also slowing down and the company was seeing a lot of money accumulating in the market.

She said that the company has taken the right steps as the government has been emphasizing on providing credit terms to dealers and small vendors.

“We support our own dealers by offering extended credit, including 30 Payment terms extended to 60 days Gosh, and no additional payment fees or penalties,” she said.

But at the same time, the company has made dealers aware of the importance of digital advances, eased some of the fear and anxiety around digital payments, and launched a digital payments platform to leverage the opportunity to improve their efficiency. Sharma said.

“From May 2020 to January this year, in about 8 to 10 In one month, we unlocked about 7 million euros,” she said.

The company raises bills every month for about 5,000 to 6,000 dealers in its 70,000-dealer network, she said.

The company had a digital roadmap in place even before it became popular, she said, and wanted to use it across the entire ecosystem, including sales, purchasing, finance, and manufacturing.

Sharma Additionally, the end-to-end collection process for tire manufacturing and other industries involves at least six stakeholders, which not only saves labor time, but also increases efficiency. Sharma tells us about this process.

“If you look at transactions, the entire chain from writing a check to getting to the counter takes two to three days. Now, with digital payment systems, the whole chain takes only four days,” she said.

Sharma “As a result, we have succeeded in convincing dealers that they can reap the benefits of the digital payment process. Currently, 80 percent of us do. Channel partners are using the digital platform.”